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The relatively low interest rates of bonds at present will reduce the cost of debt for smaller banks and eventually benefit small businesses, Wen said.

The report pointed out five areas with the highest potential for growth and private sector participation under the BRI in the 2020s: transport, telecommunications, utilities, digital infrastructure and renewables and clean energy.

The report excluded companies that didn't take chip design as their main business from the list, such as Baidu, Alibaba and Tencent, and did not include subsidiaries of large companies, such as Huawei Holdings HiSilicon.

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The regulator said it will also categorize the insurers into four rating groups based on their business assessment and it will apply differentiated regulatory policies to them.

The regulator also asked telecom carriers to accelerate 5G rollout in major cities and to expand the new generation network to key counties and towns that have relatively sound information infrastructure.

The report also said population un-bounded flows in the area will facilitate industrial property and shopping mall investment opportunities.

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The remaining 610.4 billion yuan of taxes and fees were reduced as a result of the implementation of large-scale tax and fee cut policies rolled out last year.

The reincarnation of living Buddhas, including the Dalai Lama, should follow China's laws and regulations, as well as religious rituals and historical conventions, Geng added.

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The report said the drill was aimed "to estimate and inspect the operating ability and the accuracy of striking duty performance of large-caliber long-range multiple rocket launchers and tactical guided weapons by defense units based in the frontline area and on the eastern front."

The regional government increased loans for entrepreneurship and offered subsidies to companies that organized online or offline training sessions for workers during the coronavirus epidemic.